Great Ming Circulating Treasure
Note

From ChinaMing dynasty,
first issued AD 1375

Early Chinese paper money

This note was issued under the Ming dynasty.
After seizing power from the Mongol rulers of China in 1368, the
Ming rulers tried to reinstate bronze coins. However, there was not
enough metal available for this, and paper money, made of mulberry
bark, was produced from 1375. Paper money continued to be issued
throughout the Ming dynasty, but inflation quickly eroded its
value. The effect of inflation was so devastating that paper money
was regarded with suspicion for many years. It was not until the
1850s that a Chinese emperor dared to issue paper money
again.

The Chinese writing
along the top of this Ming note reads 'Da ming tong xing
bao chao' from right to left. This translates as
'Great Ming Circulating Treasure Note'. Below this,
the denomination is written in two characters 'yi
guan' ('one string'). Beneath the
denomination is a picture of a string of 1000 coins, arranged in
ten groups of one hundred coins. Beneath this are the instructions
for use and a threat to punish forgers.

J. Williams (ed.), Money: a history (London, The British Museum Press, 1997)